Updated Mixed-Use
New
For Sale
$650,000
578 S Shore Drive, Holland, MI 49423
Multi Family, Holland, MI
Property Size2,046 SF
Lot Size0.18 Acres
Price / SF$317.69
Days on Market4
Property Features for 578 S Shore Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Commercial (MDR
Bedrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1
Parking
17
Basement
Full
Accessibility
Accessible Approach with Ramp
Elementary school district
Holland
Middle school district
Holland
High school district
Holland
Directions
196 to 16th St., west to S shore Dr., west to property.
Standard status
Active
APN
70-16-31-104-003
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 9 EXC. 80 FT. ALSO 15 FT OF LOT 10 LUGERS ADD SEC 31 T5N R15W5767
Tax Annual Amount
5767
Legal Description
LOT 9 EXC. 80 FT. ALSO 15 FT OF LOT 10 LUGERS ADD SEC 31 T5N R15W5767
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1930
Number of units
2
Building materials
Concrete, Vinyl Siding
Roof type
Rubber
Listing Agency:
Greenridge Realty
(616) 935-3500
Listed By:
Chris Mendels · License #6501398814
(616) 402-2044
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 10:06PM
MLS# 26043237
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This MDR-zoned mixed-use property combines a 2,046-square-foot commercial lower level with a 1,100-square-foot upper apartment. The commercial area is currently used as a photography studio and includes a refreshed bathroom, kitchen updates, LVP flooring, track lighting, and new storefront windows. The two-bedroom, one-bath apartment has its own entrance and has been renovated with new furnace and air conditioning equipment, granite countertops, updated cabinets, and new floor coverings.
Located at 578 S Shore Drive in Holland, the property occupies 0.18 acres and provides 17 parking spaces. The 1930 building features concrete and vinyl siding, a rubber roof, forced-air heating, central air, public sewer, cable availability, and an accessible approach with ramp.
Located at 578 S Shore Drive in Holland, the property occupies 0.18 acres and provides 17 parking spaces. The 1930 building features concrete and vinyl siding, a rubber roof, forced-air heating, central air, public sewer, cable availability, and an accessible approach with ramp.
Key Highlights
- MDR‑zoned mixed‑use property on 0.18 acres
- 2,046 SF commercial lower level currently used as a photography studio
- 1,100 SF upper apartment with 2 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,539
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$450,780
$450.8K
Cap Rate 7%
$321,986
$322.0K
Cap Rate 9%
$250,433
$250.4K
Market Conditions
NOI Build-Up for 2,046 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$34.9K $17.04/SF
− Vacancy
−$4.8K −$2.35/SF
EGI
$30.1K $14.69/SF
− OpEx
−$7.5K −$3.67/SF
NOI
$22.5K $11.02/SF
Area
Ottawa County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$450,780
Cap Rate 7%
$321,986
Cap Rate 9%
$250,433
Alternative Uses
Best Use
Apartment 5plus
$22.65M
$19.82M – $26.42M
NOI $1,585,394 @ 7.0% cap · market cap 243.91%
Second Best
Office B
$322.0K
$281.7K – $375.7K
NOI $22,539 @ 7.0% cap · market cap 3.47%
Theoretical Best
Multifamily LT 5
$25.44M
$22.26M – $29.68M
NOI $1,780,980 @ 7.0% cap · market cap 274.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 49423, MI
46,870
Population
19,019
Households
2.5
Avg Household Size
37
Median Age
37%
College-Educated
92%
High-School Grad
77.9 sq mi
ZIP Area
602
Density / Sq Mi
$78,524
Median Household Income
$36,643
Median Earnings
$1,143
Median Rent
$254,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial studio space and a renovated apartment share a property with separate access and on-site parking.
Where is this mixed-use property located?
The property is located at 578 S Shore Drive Holland, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: MDR‑zoned mixed‑use property on 0.18 acres; 2,046 SF commercial lower level currently used as a photography studio; 1,100 SF upper apartment with 2 bedrooms and 1 bathroom
